The property and casualty industry posted a $1.3 billion first-quarter loss–the worst result it has recorded in more than 20 years of surveying consolidated results, the Insurance Services Office reported.
The result was quite a turnaround from the same period last year, before the economic meltdown began, when p&c insurers reported net income of $8.5 billion, according to the survey by Jersey City, N.J.-based ISO and the Property Casualty Insurers Association of America in Des Plaines, Ill.
The poor results were blamed on a combination of losses on underwriting and deterioration in investment results–with one segment of the industry (mortgage and other financial guaranty insurers) getting hit with a disproportionate toll.
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